Our residents own a share of Gramercy Park Duluth, earning accrued equity each year.
How it Works
Gramercy Park Duluth members purchase an ownership share in the Cooperative which entitles the shareholder to occupy a specific unit. According to tot cooperative by-laws, a share increases in value each year as equity is added. The original share purchase price, plus accrued equity less selling expenses, is returned to the member or to the member’s heirs upon resale of the share.
The beauty of living in a senior cooperative is that our members share their talents and experiences for the enjoyment and enrichment of the community. New and lifelong interests and hobbies are pursued through involvement in a wide selection of activities such as:
- Music, Arts, and Library
- Hobbies & Crafts
- Weekly Games
- Social Events
- Outside Entertainment
Advantages of Cooperative Living
Members actually own the cooperative through their share ownership of the nonprofit cooperative corporation; there is no equity investor or landlord.
A property management company (Ebenezer Management) runs the day-to-day operations but the members elect a Board of Directors and committees that shape how the cooperative is run. It is not required of the members to participate, however, every member has a voice and individuals taking an active role make our community strong and diverse.
Cost of Operation
Occupancy charges are equal only to the actual cost of owning and operating the property. In a rental, rent generally goes up faster than actual costs because most landlords are in business to make a profit.
In 2000, when Gramercy Park Duluth opened its doors to members, they were able to customize their dwelling units, including the choice of floor coverings, cabinet colors, and various structural changes, making their unit reflective of their personal lifestyle. Opportunities are in place to refurbish the flooring and paint colors in some units prior to move-in at no additional cost when choosing from our standard options.
Homeowner Tax Advantages
Mortgage interest and real estate taxes are tax-deductible in a housing cooperative.
Expenses in a cooperative are spread across the entire membership proportionately, making the cost of living generally lower than a comparable single-family home.